Transactions in the marketplace typically take place when a seller advertises or otherwise makes known that an item (good or service) is for sale and the buyer pays money in exchange for this item. Payment may be made by cash, check, electronic wiring of funds, credit card, and so forth. In most of these cases, the funds then become the seller's and the item the property of the buyer or customer. (“Buyer” and “customer” are used interchangeably in this disclosure and are defined as one desirous of acquiring an item offered for sale.)
Different methods of incentivizing a customer to purchase with a particular payment mechanism (such as reward points for a credit card) or incentivizing to make a purchase from a particular seller (such as offering discounts and special sales) are known in the art. In these cases, the customer parts with his/her money and the seller receives the money, or the funds are in transit to the seller instantaneously. On the other hand, many customers prefer to be invoiced. In this manner, the customer receives the goods, but only needs to pay later. However, when issuing an invoice, the seller is not assured that the payment will actually be made and, further, often has to invest more time and expense in trying to collect payment.
What is needed in the art is the ability to ensure payment, while allowing a buyer to make a payment at a later date; in other words, to reduce the negativities associated with commerce.